Scottish Widows Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Widows offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Widows and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am seeking some mortgage advice. I am currently a finacial contractor, One year into a three year contract. the chances of me being moved onto an employed basis are slim. So I suppose my query is, will Scottish Widows even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained an IFA regarding my remortgage because I have just won a fixed term contract of 3 years (a finacial contractor). My contract begin date last year. I am seeking a five year fixed rate mortgage. Property value £200,000, I want to borrow 132K. I purchased the property four years ago for £157,000 and I currently owe 115k to Scottish Widows
For some years now I have been a self employed contractor. Mortgage options are being looked at but it's a minefield. Is it worth me considering whether it would be possible for my boyfriend to get the mortgage with Scottish Widows in his name using our joint deposit and for me to be added at a later date?
As contractor looking for a mortgage with Scottish Widows will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am lead to believe that mortgage lenders in the main consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused mortgage broker persuade lenders such as Scottish Widows to offer funds on the more realistic basis of my contracted rate.
The content set out above covers to properties in England and Wales.
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